In the recent wave of DeFi undercurrents, Curve Finance has assured the victims of its multiple pool exploits that it’s assessing each impacted user for reimbursement. This assurance comes after the exploiter returned a fair portion of the stolen funds. Just as the DeFi ecosystem began to see calm waters after the Curve debacle, Zunami Protocol made headlines with its stablecoin pools exploit, resulting in a net loss of over $2 million.
Despite the stormy seas, there were glimmers of hope as ConsenSys completed the public launch of its Ethereum Virtual Machine (zkEVM), Linea, bridging assets worth $26 million.ETH. Furthermore, in a miraculous rescue operation, the Fantom-based decentralized exchange SpiritSwap avoided shutdown through a last-minute community resolution.
Curve Finance, in response to a recent $62 million hack, officially declared that it will reimburse its affected users. They are currently in progress of assessing each impacted user for potential reimbursement, aiming for an equitable reconciliation. The unfortunate incident revolved around malicious actors exploiting the vulnerabilities within Curve Finance’s Vyper compiler release history.
Meanwhile, the DeFi protocol Zunami Protocol suffered an alarming attack on its “zStables” pools on Curve Finance, resulting in a $2.1 million loss. The protocol has since warned its users to avoid purchasing either of its stablecoins, Zunami Ether (zETH) or Zunami USD (UZD), until proper investigations conclude.
On a brighter side, ConsenSys successfully launched its Ethereum scaling rollup Linea. The public launch incorporated over 150 partners and bridged over $26 million in ETH. This Layer 2 scaling solution offers lower transaction costs and higher throughput for DApps in the Ethereum ecosystem.
Nevertheless, the abrupt market changes have seen the total value locked in DeFi protocols soar this past week. Despite most tokens trading in the red due to the late Thursday slump, the total value locked in DeFi protocols touched a five-month high of $49.8 billion.
As we anticipate the resolution of the current hack episodes, the show must go on in the dynamically growing DeFi space. While victims of the recent exploits await reimbursement, the innovation in the space continues to demonstrate blockchain’s resilience and potential. Let’s not forget the inherent risks involved and remain vigilant in our engagement with the world of decentralized finance.